自贸区金融创新对境外融资影响及对烟台建议

研究重点介绍了自贸区自由贸易账户、跨境融资租赁、跨境人民币贷款融资、境外融资服务模式创新五项有助于企业境外融资的自贸区金融创新使用方式和实施效果.还对烟台自贸区提出来针对性的建议:建立FT账户以便利与日韩资金融通;鼓励发展境外融资租赁业务;优化境外融资服务促进跨境贷款.     

依托自贸区试点政策的融资租赁创新业务模式研究

近几年,随着国内融资租赁政策的逐步完善,融资租赁行业进入了快速发展期,在服务实体经济发展方面发挥着重要作用.同时随着国内各地自贸区的设立及相应融资租赁业务发展试点政策的出台,依托自贸区试点政策的融资租赁创新业务也得到了较快发展,成为近年各融资租赁类公司业务发展的热点方向之一.本文以天津自贸区东疆保税港区为例,分析了自贸区融资租赁创新业务的政策基础及产业支持政策,总结了天津自贸区东疆保税港区目前已成功操作的且具备推广价值的融资租赁业务创新模式及案例,最后对融资租赁公司依托自贸区发展融资租赁业务提出了意见与建议.     

融资租赁税收法律问题研究--以上海自由贸易区建设为背景

伴随着上海自贸区总体方案的出台,融资租赁业迎来新一轮的发展机遇。但由于我国税收立法的缺位,融资租赁业的相关税收法律制度始终呈现体系破碎化、优惠不均衡等问题,这些问题在“营改增”之后依然存在。本文立足于上海自贸区建设的大背景,从法律层面剖析融资租赁业税收问题,并提出相关建议,力求为自贸区建设和融资租赁业的发展勾勒出一条法律路径。     

我国融资租赁业发展现状——以上海自贸区为例

我国的融资租赁行业起步于20世纪80年代,经历了三十余年的发展,经历了坎坷,最近几年也取得了突出的成绩,发展突飞猛进。2011年至今,在我国上海、天津等部分区域,融资租赁业得到快速发展,有效地促进了当地经济发展。自上海自贸区成立后,上海的融资租赁行业有了快速发展,成为我国拥有融资租赁企业数量最多的省市。     

论融资租赁公司在自贸区框架下开展商业保理业务

上海自贸区方案中允许融资租赁企业兼营与主营业务有关的商业保理业务,本文通过介绍商业保理、融资租赁业务及其在中国的发展状况,分析自贸区方案对融资租赁行业的影响和意义,并以船舶融资租赁为例探讨融资租赁企业如何开展商业保理业务。     

创新票据业务促进上海自贸区建设

加快上海自贸区票据业务创新发展,有利于支持自贸区企业结算需求的快速增长,促进跨境人民币便捷支付及改善金融机构资产负债管理。文章在分析当前票据业务发展制约因素的基础上,从完善票据业务法规制度、加快电子票据业务发展、引导境外人民币参加银行参与电子商业汇票业务、在上海自贸区内先行先试融资性票据业务等方面,就推进票据业务创新发展、服务上海自贸区建设提出相关政策建议。     

融资租赁企业融资渠道研究综述

在融资租赁企业融资渠道这一问题上,学界对问题的分析和建议大体一致,但不同学者有其独有的创新点,其中又对外债融资和租赁资产证券化的研究更为细致。应进一步拓宽外债融资途径,天津东疆港和上海自贸区在外债融资上有所突破。在进行租赁资产证券化时,建议选择特殊目的信托模式,并且结合发起人目的,合理进行证券化交易设计。同时,获得政府支持、设专项基金、兼营保理业务等融资渠道也受到学界关注。     

福建省自贸区融资租赁业错位创新发展探讨

本文主要研究了福建省自贸区融资租赁业的发展现状与存在问题,通过与其他典型地区的对比分析,得出了福建省融资租赁行业在发展中需要和其他自贸区有不同的布局与发展重点,应创新融资租赁模式,实现错位发展。     

福建自贸区融资租赁业发展初探

近年来,我国融资租赁业务发展势头迅猛,融资租赁已经成为一种重要的融资工具。福建自贸区正式挂牌成立后,融资租赁业得到了前所未有的发展。就全国范围来看,福建省融资租赁业务的起步早,发展快,也存在很多问题。本文在系统研究福建自贸区融资租赁业发展的基础上,提出加快其进一步发展的对策建议。     

自贸区时期融资租赁行业的发展

本文以自贸区时代的经济变化为背景,以融资租赁行业为研究对象,通过解读自贸区出台的相关政策,研究其对融资租赁行业的影响和未来的发展机遇,并对促进融资租赁行业发展提供一些可行性建议。     

抓住上海自贸区建设机遇 促进碳金融领域创新

建设上海自贸区是我国针对国际贸易规则体系演变趋势的应对之策。产品的碳强度和环境标准是新贸易规则体系的重要议题。上海自贸区建设给我国碳金融发展带来了重要机遇,建议突破政策限制,在自贸区建立碳排放衍生品交易平台;借助金融开放契机,在自贸区发展碳金融国际合作平台;增强金融服务功能,发展自贸区碳金融产品和工具创新中心。     

以金融自由化为背景的上海自贸区金融改革创新的思考

上海自贸区金融改革是顺应世界金融自由化主流趋势的制度创新,为此推动了利率市场化、汇率市场化等先行先试,对于改进金融开放及金融服务贸易之不足,弥补其短板效应将发挥积极效果,从而更好服务贸易,实现贸易及投资便利化。为规避自由化导致相关的风险,我国金融自由化尤其是自贸区金融自由化相关领域先行先试,应该有边界、循序渐进;要用“三明治”思维优化金融自由化在金融中心建设、浦东综合配套改革、自贸区金融改革先行先试三方面的联动机制。     

上海自贸区金融创新与资本账户开放——兼论人民币国际化

本文简要分析了上海自由贸易试验区的金融创新。通过对照当前人民币资本账户开放和人民币国际化现状,分析了自贸区金融创新可能给它们带来的积极变化。文章探讨了自贸区金融创新的收益与成本,并对自贸区的未来发展提出几点建议。     

Recognition versus disclosure of finance leases: Evidence from Japan

This study examines whether credit market participants—bond investors and credit rating agencies—treat recognized and disclosed finance leases differently when assessing firms’ credit risk in Japan. I use firms’ credit risk, measured by bond spreads and credit ratings, to investigate the relations between recognized versus disclosed finance lease obligations and firms’ credit risk following the adoption of Statement No. 13, Accounting Standard for Lease Transactions. For a sample of firms issuing new bonds, I find that, unlike recognized finance leases, disclosed finance leases are not associated with bond spreads. Moreover, the associations between recognized versus disclosed finance leases and bond spreads are substantially different. Conversely, recognized and disclosed finance leases are associated with credit ratings and are processed similarly when credit ratings are determined. Taken together, my results suggest that the sophistication of capital market participants influences their credit risk assessments of recognized versus disclosed finance leases.     

上海自贸区金融服务业对外开放研究

上海自贸区成立后在金融服务业对外开放方面先行先试,已取得了一定成效,但还需进一步加大改革开放力度。借鉴国外经验,本文提出了上海自贸区进一步扩大金融服务业对外开放的总体思路和分阶段任务。     

State ownership and the structuring of lease arrangements

The existing literature provides extensive evidence that firms intentionally structured lease arrangements to achieve off-balance-sheet accounting treatment prior to ASU 842 (FASB, 2016) and IFRS 16 (IASB, 2016). However, this study finds the opposite for Chinese state-owned enterprises (SOEs): compared to non-SOEs, SOEs in China have a higher tendency to use finance leases rather than operating leases. This result remains significant after we control for the possibility that Chinese capital providers are discriminatively extending credit to SOEs in the form of finance leases. We explain SOEs' preference for finance leases by their executives' empire building incentives. Such incentives are created by the executives' hunger for compensation, promotion and subsidies, which are determined by the government. Consistently, we find that SOEs' engagement in finance leases increases with their incentives to expand the firms' size. And indeed, SOE executives obtain more compensation and subsidies by growing their firms with finance leases. Finally, we find that SOEs with higher borrowing costs structure more finance lease arrangements. Such structuring further increases SOEs' financial leverage and, to some extent, decreases their corporate value. Taken together, these results suggest that the benefit of the ASU 842 (or IFRS 16), which aims to bring leased assets onto the balance sheet, may be impaired in situations where executives have strong incentives to build empires.     

Lessee Reactions to Regulation of Accounting for Leases

This study examines lessee firms’ responses to Australian Accounting Standard 17, Accounting for Leases (AAS 17, 1987) and Approved Accounting Standard ASRB 1008, Accounting for Leases (ASRB 1008, 1987). Both Standards required that lessees capitalize finance leases, thus bringing the finance leases of many firms‘on balance sheet’ and increasing reported leverage. If the capitalization requirement altered firms’ equilibrium contracting cost distributions sufficiently, firms would take actions to mitigate its effect, possibly by altering their capital structures. The study examines whether the capital structures of these firms did change in response to the requirement, and if so, how. The results indicate that firms responded to the Standards by reducing their reliance upon finance leasing and increasing their reliance upon non-lease debt and shareholders’ funds. Firms do not appear to have used definitional interpretations to classify leases as operating rather than finance leases. As expected, the firms previously disclosing finance leases in footnotes experienced increases in non-lease debt reliance while the control sample (firms that previously capitalized the lease obligations) experienced decreases. Differences between control firms’ and footnote disclosure firms’ reactions to the Standard are generally consistent with contracting theory predictions. Control firms reacted to the loss of the potential to off balance sheet finance. Footnote-disclosure firms reacted to the loss of an already utilized off balance sheet financing technique.     

基于信号传递博弈的融资租赁市场均衡分析

融资租赁作为一种新的金融工具,已被诸多经济发达的国家普遍采用,并成为其金融市场的重要组成部分。在我国中小企业融资难的情况下,融资租赁也不失为中小企业融资的一种可供选择的方式。本文借鉴斯宾塞劳动力市场信号传递模型,构建一个符合我国中小企业融资市场实际状况的融资租赁市场调控模型。研究结果表明:融资租赁市场的均衡既取决于承租方的装裱成本,也取决于不同类型承租方的租金差异、低营运能力承租方的项目投入的成功率及低营运能力承租方的信用程度(即履约率)。     

The Relation Between Voluntary Disclosure and Financial Reporting: Evidence from Synthetic Leases

I investigate how the use and voluntary disclosure of synthetic leases is affected by incentives to defer cash outflows and manage the financial statements by keeping debt off the balance sheet. I find that managers of cash‐constrained firms with incentives to defer cash payments are more likely to finance asset purchases with synthetic leases. The mandated reporting for synthetic leases allows managers to avoid disclosing the financial consequences of these transactions. Managers of firms with incentives to use off‐balance‐sheet financing do not provide transparent disclosure about their synthetic leases. However, managers of cash‐constrained firms, which are less likely to use synthetic leases for financial reporting reasons, do voluntarily disclose the existence and financial consequences of these contracts. Alternative tests around FIN 46 adoption corroborate these findings.